Sell-offs in the shares of tier-one banks on Thursday played a significant role in a 0.32 per cent decline in the Nigerian Exchange Ltd. (NGX) market indices, reflecting a cautious sentiment among investors.
Highlighting the market movement, a market analyst stated, “Losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company (GTCO), Zenith Bank, and StanbicIBTC Bank, among others, dragged down the market performance.”
This downward trend resulted in a decrease of N190 billion or 0.32 per cent in market capitalisation, with the market opening at N59.095 trillion and closing at N58.905 trillion. The All-Share Index also dipped by 0.32 per cent to close at 104,181.32 points, indicating a Year-To-Date (YTD) return of 39.33 per cent.
Commenting on the market breadth, the analyst noted, “The market breadth ended negative, with 32 losers and 21 gainers.”
On the losers’ table, stocks such as International Energy Insurance and Caverton led with declines of 10 per cent each. Meanwhile, on the gainers’ side, UPL Ltd. emerged as the top performer, gaining 9.84 per cent.
Further analysis revealed that trade turnover settled lower relative to the previous session, with the value of transactions down by 39.04 per cent. A total of 405.03 million shares valued at N8.91 billion were exchanged in 10,364 deals.
Access Corporation led the volume chart with 50.00 million shares traded, followed closely by UBA with 49.01 million shares sold. In terms of value, Zenith Bank dominated the chart with transactions worth N1.86 billion.
Reflecting on the market activities, an industry expert emphasised the need for investors to remain cautious amid the prevailing market conditions.
